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Hello Gold (HGT)

Correlation

0.39

Influence

15.21%

Bitcoin and Hello Gold Correlation

Does Hello Gold depend on Bitcoin? Based on the correlation analysis, BTC and HGT have a moderate positive relationship. The correlation coefficient of their prices is 0.39, which was measured based on the previous 100-days' price fluctuations of both coins.

This coefficient may adjust from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.

The negative coefficient shows that the prices of the coins are going in the reversed direction while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and Hello Gold connection is positively strong, it means that when BTC is growing HGT will grow as well. The negative strong relation will tell that when BTC is growing HGT value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Hello Gold. If we take all the aspects affecting the price of HGT as 100%, then the share of BTC price among these factors will be 15.21%. The other part which is 84.79% covers all the other factors, such as news, events or crypto related laws.